I-T Dept issues notices in 380 cases of undisclosed foreign assets of Rs 12,260 cr

The Income Tax Department has issued notices in 380 cases involving undisclosed assets of over Rs 12,260 crore under the foreign black money act, Finance Minister Nirmala Sitharaman said Monday.

In a written reply to a question in the Lok Sabha, she said prosecution has been launched in 68 cases.

"As an outcome of the actions taken by the I-T Department under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, as on April 30, 2019, notices under the Act have been issued in over 380 cases involving undisclosed foreign assets and income valued over Rs 12,260 crore," Sitharaman said.

The Department takes actions, like searches, surveys, enquiries, assessment of income, levy of tax/interest/penalty and launching prosecution, against those possessing black money.

As per data, the Department has conducted searches on 983 groups and seized Rs 1,584 crore in 2018-19, up from 582 cases involving seizure amount of Rs 993 crore in 2017-18 fiscal.